U.S. stocks closed at all-time highs on Monday as investors eagerly awaited a vote on a bill that would cut corporate taxes. A slew of corporate deals also helped lift sentiment.
The Dow Jones industrial average jumped 140.46 points to 24,792.20, marking its 70th record close of the year. The 30-stock index has also risen more than 5,000 points for the year, its first time ever doing so.
The S&P 500 gained 0.6 percent to a record closing high of 2,690.16, with materials and telecommunications as the best-performing sectors.
The Nasdaq composite also finished at an all-time high, advancing 0.8 percent 6,994.76. The tech-heavy benchmark briefly topped 7,000 for the first time.
"I think this is largely predicated on the belief that the tax plan is going to be passed tomorrow," said Robert Pavlik, chief investment strategist at SlateStone Wealth. "With the belief that corporate taxes will go down, ... investors think the market is not too expensive."
Congress is expected to vote as early as Tuesday on a plan that would slash the federal corporate tax rate to 21 percent from 35 percent. Passing the bill would mark a big legislative win for Republicans, who have been pushing to revamp the U.S. tax code for most of 2017.